Orbotech Ltd. (ORBK), a specialized applications provider for supply chain in electronics industry, Monday reported a narrower loss for the third quarter, despite a decline in revenues, mainly reflecting lower general and administrative expenses and absence of restructuring and impairment charges reported in the comparable quarter last year.
Quarterly net loss attributable to the company narrowed to $5.50 million or $0.16 per share from $43.12 million or $1.29 per share in the previous year. Results for the quarter include compensation expenses of $1.59 million and amortization charges of $5.05 million.
On an adjusted basis, net income was $1.14 million or $0.03 per share, compared to $0.77 million or $0.02 per share last year.
On average, 2 analysts polled by Thomson Reuters expected the company to incur a loss of $0.20 per share. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined to $92.35 million from $94.76 million a year ago. Three Wall Street analysts were looking for $79.67 million.
Sales of equipment to the printed circuit board industry were $20.3 million in the third quarter of 2009, compared to $31.6 million in the third quarter of 2008. Sales of equipment to the flat panel display industry were $37.6 million, compared to $31.7 million in the third quarter of last year. Sales of character recognition products increased to $2.4 million in the third quarter of 2009 from $2 million recorded in the third quarter of 2008. Sales of medical imaging equipment were $4.1 million, compared to $3.4 million last year. Service revenue for the quarter was $27.9 million, compared to $26 million a year ago.
Research and development costs declined to $16.78 million from $17.11 million last year. Selling, general and administrative expenses were $16.01 million, down from $17.85 million in the previous year.
For the third quarter of 2008, the company reported restructuring charges of $3.68 million, impairment of goodwill of $22.58 million and impairment of intangible assets of $21.26 million.
For the nine-month period, net loss was $14.57 million or $0.42 per share, compared to $34.12 million or $1.02 per share in the same period of the previous year. Total revenues for the period declined to $278.22 million from $300.33 million last year.
ORBK is currently trading at $9.40, up 0.10 or 1.08%, on a volume of 93K shares on the Nasdaq.
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